SAIC reports profit decline

Science Applications International Corp. announced today that sales in its most recent year hit $4.3 billion, up about 12 percent from the prior year. However, sales were essentially flat when adjusted for the acquisition of Scitor, the company said.

Scitor's sales, SAIC said, were down compared to its historical revenues.

Profit for the year fell about 17 percent to reach $117 million. The company attributed the decline to "increased interest expense on incremental term loan borrowings and decreased operating income."

Company CEO Tony Moraco said during a morning call with analysts that the budget environment is improved.